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Harryk

wrote:
On Sun, 10 Apr 2011 11:27:56 -0400,
wrote:

wrote:
On Sun, 10 Apr 2011 07:14:04 -0400,
wrote:

wrote:
On Sun, 10 Apr 2011 00:47:12 -0500, Boating All Out
wrote:

I agree they will pay until it becomes such a huge problem that the
kids throw momma from the train. They just have to learn to vote and
to understand SS and Medicare is a massive wealth transfer from the
young to the old.
All that needs to be done is to substantially raise social security
taxes on the wealthy, as part of the price they have to pay for
accumulating wealth. Federal taxes generally in this country are frar
too low on the wealthy.

It sounds like a panacea to simply tax the wealthy more and I like the
idea but I also understand it is not going to be any kind of silver
bullet. There are simply not enough rich people and they are not that
rich. If you took all of the hard assets from the richest 400 people
in the US it wouldn't balance the budget.
Higher federal taxes of all kinds for the wealthy, drastic cuts in
military spending, and you are much farther along the road than what the
teahadists have in mind.

The real question is whether the wealthy would actually pay those
taxes or whether they would simply move their money offshore.
You can certainly go get the moderately wealthy $250k-500k but the
obscenely wealthy are usually in international trade and just like
Exxon and GE, they can hide their money in a low tax country that is
very happy to have them.

Personally I think we all need to pay more taxes. This was another
year where I paid a record low amount on a $100k "line 39". It was
less than 11%. I used to always plan on 18-20% top line to bottom line
on page 2 of the 1040.

They are already means testing SS through the tax code but I expect to
see that being a more direct test. My bet is, within 5 years, if you
have any other income, a big percentage of that will be directly
deducted from your SS . (again, probably through the tax code).
Right now the means test is if you make more than $32k, 85% of your SS
is taxable at your current rate.
It will be as cumbersome as the current SS work sheet but the bottom
line for people with other income will be "how much SS did you get"?
,.. "Send it in".

Impose heavy tax penalties on storage of assets that are abroad and
should be taxable here. There's no societal purpose in allowing the very
wealthy to game the system.

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